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Created with Highcharts 3.0.10Operating cost as a % of turnover from social housing lettings23.27%21.6%21.69%16.92%16.57%16.54%0%0%0%32.17%23%23.23%0.84%0.91%1.04%9.87%9.48%8.85%0.87%0.16%1.32%0%4.79%2.93%ServiceManagementPlanned Maint.Routine Maint.Bad DebtsDepreciationImpairmentOthers2012201320140%10%20%30%40%50%60%70%80%90%

An obligor has EXTREMELY STRONG capacity to meet its financial commitments.

Aa1, Aa2, Aa3

An obligor has VERY STRONG capacity to meet its financial commitments. It differs from the highest rated obligors only in small degree.

A1, A2, A3

An obligor has STRONG capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.

Baa1, Baa2, Baa3

An obligor has STRONG capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.

Ba1, Ba2, Ba3

An obligor is LESS VULNERABLE in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments.

B1, B2, B3

An obligor is MORE VULNERABLE than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments.

Caa

An obligor is CURRENTLY VULNERABLE, and is dependent upon favourable business, financial, and economic conditions to meet its financial commitments.

Ca

An obligor is CURRENTLY HIGHLY-VULNERABLE.

C

An obligor has failed to pay one or more of its financial obligations (rated or unrated) when it became due.

e,p

Preliminary ratings may be assigned to obligations pending receipt of final documentation and legal opinions. The final rating may differ from the preliminary rating.

WR

Rating withdrawn for reasons including: debt maturity, calls, puts, conversions, etc., or business reasons (e.g. change in the size of a debt issue), or the issuer defaults. [3]

unsolicited

This rating was initiated by the ratings agency and not requested by the issuer.

NR

No rating has been requested, or there is insufficient information on which to base a rating.

The provider meets the requirements on governance set out in the Governance and Financial Viability standard.

G1

The provider meets the requirements on governance set out in the Governance and Financial Viability standard.

G2

The provider meets the requirements on governance set out in the Governance and Financial Viability standard, but needs to improve some aspects of its governance arrangements to support continued compliance.

G3

The provider does not meet all of the requirements on governance set out in the Governance and Financial Viability standard. There are issues of regulatory concern and in agreement with the regulator the provider is working to improve its position.

G4

The provider does not meet the requirements on governance set out in the Governance and Financial Viability standard. There are issues of serious regulatory concern and the provider is subject to regulatory intervention or enforcement action.

V1

The provider meets the requirements on viability set out in the Governance and Financial Viability standard and has the capacity to mitigate its exposures effectively.

V2

The provider meets the requirements on viability set out in the Governance and Financial Viability standard but needs to manage material financial exposures to support continued compliance.

V3

The provider does not meet the requirements on viability set out in the Governance and Financial Viability standard. There are issues of serious regulatory concern and, in agreement with the regulator, the provider is working to improve its position.

V4

The provider does not meet the requirements on viability set out in the Governance and Financial Viability standard. There are issues of serious regulatory concern and the provider is subject to regulatory intervention or enforcement action.

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